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The Effect of Managerial Ownership on the Cost of Debt: Evidence from Japan
16 references·4 citing·39 second hop
The Effect of Managerial Ownership on the Cost of Debt: Evidence from Japan (2010)The Effect of Managerial Ownership on the…The Theory of Corporate Finance (2006)The Theory of Corporate Finan…Founding family ownership and the agency cost of debt (2003)Founding family ownership and…Economics, Organization and Management. (1993)Economics, Organization and M…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt (1991)Monitoring and Reputation: Th…Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups (1991)Corporate Structure, Liquidit…Additional evidence on equity ownership and corporate value (1990)Additional evidence on equity…The Determinants of Capital Structure Choice (1988)The Determinants of Capital S…Management ownership and market valuation (1988)Management ownership and mark…Positive Accounting Theory (1985)Positive Accounting TheoryFinancial Intermediation and Delegated Monitoring (1984)Financial Intermediation and …On financial contracting (1979)On financial contractingSpecification Tests in Econometrics (1978)Specification Tests in Econom…Determinants of corporate borrowing (1977)Determinants of corporate bor…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Managerial stock ownership, debt covenants, and the cost of debt (2022)Managerial stock ownership, d…Managerial ownership and stock price crash risk: a case of Iranian firms (2019)Managerial ownership and stoc…Pengaruh Struktur Kepemilikan Institusional, Kepemilikan Manajerial, Kepemilikan Keluarga, Pengungkapan Sukarela Dan Leverage Terhadap Biaya Utang (2018)Pengaruh Struktur Kepemilikan…How do managerial incentives affect the maturity structure of corporate public debt? (2016)How do managerial incentives …Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Capital Structure Puzzle (1984)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)Moral Hazard and Observability (1979)Bank Runs, Deposit Insurance, and Liquidity (1983)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Financial intermediation and growth: Causality and causes (2000)The Use of Error Components Models in Combining Cross Section with Time Series Data (1969)The Use of Variance Components Models in Pooling Cross Section and Time Series Data (1971)On the Pooling of Time Series and Cross Section Data (1978)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Econometric Analysis of Cross Section and Panel Data (2001)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Significance tests and goodness of fit in the analysis of covariance structures. (1980)Corporate financing and investment decisions when firms have information that investors do not have (1984)Firms, Contracts, and Financial Structure (1995)The theory and practice of corporate finance: evidence from the field (2001)The Nature of the Firm (1937)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Pricing of Options and Corporate Liabilities (1973)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Performance matched discretionary accrual measures (2005)The economic implications of corporate financial reporting (2005)An Integrative Model Of Organizational Trust (1995)Political Science and the Three New Institutionalisms (1996)Upper Echelons Theory: An Update (2007)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1978Specification Tests in Econometrics19,451 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1977Determinants of corporate borrowing13,160 cited
  • 1984Financial Intermediation and Delegated Monitoring8,489 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1988The Determinants of Capital Structure Choice6,108 cited
  • 1985Positive Accounting Theory5,837 cited
  • 1993Economics, Organization and Management.4,644 cited
  • 1990Additional evidence on equity ownership and corporate value4,311 cited
  • 1991Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt3,294 cited
  • 1979On financial contracting2,901 cited
  • 1991Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups2,361 cited
  • 2003Founding family ownership and the agency cost of debt1,813 cited
  • 2006The Theory of Corporate Finance

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Cited by

  • 2016How do managerial incentives affect the maturity structure of corporate public debt?20 cited
  • 2019Managerial ownership and stock price crash risk: a case of Iranian firms17 cited
  • 2022Managerial stock ownership, debt covenants, and the cost of debt14 cited
  • 2018Pengaruh Struktur Kepemilikan Institusional, Kepemilikan Manajerial, Kepemilikan Keluarga, Pengungkapan Sukarela Dan Leverage Terhadap Biaya Utang13 cited